Mortice growth in line with expectations in first half

17th Oct 2016 09:22

(ShareCast News) - Mortice Limited, an AIM listed security and facilities management company, is on track to meet its expectations for the first half ended 30 September 2016.The India based firm reported year-on-year revenue growth of over 57%, including the first full contributions from its acquisitions of Office and General (O&G) in the UK and Frontline Security in Singapore in 2015.With both acquisitions performing well the company expects total revenues for the first half to be at least $80m, compared to $51m in the previous period.During the period, the business won several new contracts and was appointed to a framework with the London Universities purchasing consortium.The company operates under two brands, Peregrine, which provides guarding and security services, and Tenon, which provides a full range of facilities management services.Revenues from security services are expected to be around $43m compared to $34.5m the same period a year ago. Facilities Management services are expected to achieve revenues of $37m compared to $16.5m in 2015.The company is on track to deliver a total full year revenue of at least $170m, which is in line with the firm's market expectations.The share price rose 5.14$ to 92p at 0950 BST on Monday.